Metal Energy Intersects 36.55 m of 1.13% Nickel Equivalent, including 19.45 m of 1.69% Nickel Equivalent in a New High-Grade Zone at Manibridge | Metal Energy Corp.
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Highlights Include:

  • MNB040A: 36.55 metres of 1.13% NiEq, including 19.45 m of 1.69% NiEq
  • MNB039: 36.2 metres of 0.69% NiEq including 12.15 m of 1.14% NiEq
  • New high-grade nickel zone demonstrates the discovery potential for multiple high-grade nickel shoots within the broader mineralized shell at Manibridge. 

Toronto, Ontario – March 16, 2023 - Metal Energy Corp. (the "Company" or "Metal Energy") (TSXV: MERG, OTCQB: MEEEF) is pleased to announce the final drill hole assays of the Phase Two drill program (Table 1, Figures 1 & 2) on the high-grade nickel and copper-cobalt Manibridge project (the "Project" or "Manibridge") in the Thompson Nickel Belt, Manitoba. 

"This new zone of over 1% nickel mineralization in the Upper Lens demonstrates discovery potential for multiple high-grade nickel shoots within the overall mineralized shell at Manibridge. Manibrdige’s mineralized shell is over 1 km of strike, traced down to 800 m depth, and locally exceeds 90 m thickness. Drill holes MNB036, MNB037 and MNB040A show the growth of this new nickel mineralized zone that currently measures 25 m thick by 40 m down-dip.  This new zone contains our highest-grade continuous nickel intersection (19.45 m of 1.69% NiEq). We have maintained a 100% Ni-sulphide intersection success rate, and 34 of 36 drill holes have intersected over 1% nickel over variable sample widths.  These facts demonstrate the robust nature of the Manibridge nickel system. Overall, we’re thrilled with the results from 2022’s drill programs, and we look to expand and discover additional high-grade nickel mineralization in 2023," said James Sykes, CEO of Metal Energy.

Table 1 - Drill hole composite assay results from Sections 3N & 4N

DDH Composite Width (m) Ni% Cu% Co% NiEq% GT                 (NiEq% x m)
MNB036 (4N)            
Upper Lens 34.25 0.53 0.02 0.01 0.55 18.8
Lower Lens 27.9 0.49 0.02 0.01 0.51 14.2
MNB037 (4N)            
Upper Lens 4.5 1.35 0.04 0.02 1.4 6.3
Lower Lens 27.15 0.45 0.01 0.01 0.47 12.8
MNB038 (4N)            
Upper Lens 2.7 0.47 0.02 0.01 0.49 1.3
Lower Lens 41.65 0.52 0.02 0.01 0.55 22.9
MNB039 (4N)            
Upper Lens 4.25 0.53 0.02 0.02 0.56 2.4
Lower Lens 36.2 0.69 0.03 0.02 0.73 26.4
MNB040A (3N)            
Upper Lens 36.55 1.09 0.04 0.02 1.13 41.3
Lower Lens 17.65 0.41 0.01 0.01 0.44 7.8
NOTES:            
1. See Table 3 for individual results used to compile these composite results

Figure 1 – Cross-section of results for Section 4N (MNB036 to MNB039)

Figure 2 – Cross-section of results for Section 3N (MNB040A)

Manibridge Phase 2 Drill Program Results

A total of 10,091 metres were completed over 36 diamond drill holes, including 6 abandoned drill holes, with all completed drill holes intersecting visible nickel sulphides. The drill hole collar locations were all within 150 to 600 metres of the old mine workings. The drill holes targeted the shallower parts of the Manibridge nickel sulphide system at depths between 100 and 400 metres from surface.

Table 3 provides the individual and composite assay results and Table 4 provides the collar details for drill holes MNB036 to MNB040A. 

Geochemical Sampling Procedures

Drill core samples were shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan, in secure containment for preparation, processing, and whole rock and multi-element analysis by ICP-MS2 using total 4-acid digestion (HF:NHO3:HCl:HClO4). Assay samples comprise 0.2 to 1.5 m continuous samples of cut-core samples over nickel-sulphide mineralized intervals determined with a handheld XRF.  Point samples comprise an isolated 0.1 to 0.5 m sample to characterize the rock types, alteration, structure, and potential for mineralization. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and quartered core repeats were inserted into the sample stream at regular intervals by Metal Energy and the SRC in accordance with Metal Energy's quality assurance and quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Metal Energy prior to disclosure.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

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About the Manibridge Project

Manibridge encompasses 4,368 hectares within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden, which has significant infrastructure and capacity that has supported previous exploration programs and mine development, including year-round highway access via Highway 6.  

Table 2 below shows some of Metal Energy’s 2022 individual drill hole intersections compared with historic drill intersections from the mined portion of the Manibridge project.

Table 2 - Selected Historic and Recent Individual Drill Intersections on Manibridge

Hole Number Location From (m) To (m) Interval (m) %Ni %Ni*m  
6-60 Underground 33.83 75.59 41.76 1.8 75.02  
W50-39 Mined 98.45 163.98 65.53 1.1 72.14  
W50-27 Mined 185.93 210.01 24.08 2.93 70.61  
W50-34 Mined 86.26 110.64 24.38 1.88 45.76  
W50-31 Mined 244.75 261.52 16.77 2.67 44.84  
W50-05 Mined 311.51 336.8 25.29 1.57 39.64  
MN08-01 Surface 156.5 195.75 39.25 0.98 38.47  
MNB035* Surface 189.7 221 31.3 1.19 37.25  
W50-28 Mined 203.3 211.99 8.69 4.15 36.07  
W50-09 Mined 178.92 198.73 19.81 1.8 35.62  
MNB040A* Surface 202.55 223 20.45 1.62 33.13  
W50-33 Mined 274.93 289.56 14.63 2.15 31.5  
MNB004* Surface 150.45 183.4 32.95 0.88 29  
W50-50 Surface 184.4 196.6 12.2 1.24 15.13  
Notes to Table 2:               
·       Cut-off grade = 0.3% Ni          
·       Maximum consecutive internal dilution = 3.0 m downhole        
·       Historic drill holes have not been verified or confirmed with twinned drill holes      
·       Metal Energy considers "high-grade" to be nickel mineralization with a concentration greater than 0.8% Ni.   
·       All reported depths and intervals are drill hole depths and intervals, unless otherwise noted,and do not represent true thicknesses,which have yet to be determined. 
·       "*" Drilled by Metal Energy in 2022            

Table 3 – Individual interval and total drill hole composite assay results

DDH From To Interval Ni% Cu% Co% Ni eq.% GT (Ni eq%*m)
MNB036 179 180 1 0.34 0 0 0.34 0.34
  186 209 23 0.58 0.02 0.01 0.6 13.8
  215.5 225.75 10.25 0.45 0.01 0.01 0.47 4.82
includes 224.5 225.75 1.25 1.35 0.06 0.02 1.39 1.74
  296 297 1 0.39 0.02 0.01 0.41 0.41
  309 310 1 0.36 0.01 0.01 0.38 0.38
  321.75 330 8.25 0.32 0 0.01 0.33 2.72
  344.7 346 1.3 0.38 0 0 0.39 0.51
  350 361 11 0.73 0.04 0.01 0.76 8.36
includes 351.5 352.5 1 1.31 0.09 0.02 1.37 1.37
and includes 358.5 359 0.5 1.78 0.09 0.03 1.85 0.93
  365 370.35 5.35 0.32 0.01 0.01 0.34 1.82
Composite Summary   62.15 0.51 0.02 0.01 0.53 33.16
                 
MNB037 172.75 173.6 0.85 0.33 0.01 0.02 0.36 0.31
  176.65 179.55 2.9 1.57 0.04 0.02 1.61 4.67
  182.75 183.5 0.75 1.71 0.08 0.02 1.77 1.33
  222.45 224.45 2 0.34 0.02 0.01 0.37 0.74
  247 248 1 0.4 0.01 0.01 0.42 0.42
  256 258 2 0.32 0.01 0.01 0.34 0.68
  264 267 3 0.39 0.03 0.01 0.42 1.26
  274 280 6 0.55 0.02 0.01 0.57 3.42
includes 279 280 1 1.4 0.1 0.02 1.46 1.46
  285 291 6 0.33 0 0.01 0.34 2.04
  296.45 298.55 2.1 0.49 0.02 0.01 0.51 1.07
  301.95 307 5.05 0.62 0.01 0.01 0.64 3.23
includes 301.95 303 1.05 1.04 0.02 0.02 1.07 1.12
Composite Summary   31.65 0.58 0.02 0.01 0.61 19.17
                 
MNB038 133.3 135 1.7 0.48 0 0.01 0.5 0.85
  144 145 1 0.46 0.04 0.01 0.48 0.48
  171.4 172.4 1 0.39 0 0.01 0.41 0.41
  185.7 192.4 6.7 0.36 0.02 0.01 0.39 2.61
  214.9 216.9 2 0.38 0 0.01 0.4 0.8
  221 223 2 0.66 0.03 0.01 0.69 1.38
  228 229 1 0.41 0 0.01 0.42 0.42
  235 261.5 26.5 0.59 0.01 0.01 0.61 16.17
includes 256.5 258.5 2 1.28 0.04 0.02 1.32 2.64
and includes 261 261.5 0.5 2.13 0.03 0.03 2.18 1.09
  264.5 265 0.5 0.3 0 0.01 0.33 0.17
  268 269 1 0.34 0 0.01 0.36 0.36
  280 281 1 0.31 0.13 0.02 0.37 0.37
Composite Summary   44.4 0.52 0.01 0.01 0.54 24.01
                 
MNB039 117.5 118.5 1 0.57 0 0.02 0.59 0.59
  131.5 132.5 1 0.46 0.03 0.01 0.49 0.49
  135.5 137.75 2.25 0.54 0.02 0.02 0.57 1.28
  156 159 3 0.4 0.01 0.02 0.44 1.32
includes 156 156.35 0.35 1.37 0 0.08 1.49 0.52
  162 166 4 0.38 0.03 0.01 0.41 1.64
  180 186.1 6.1 0.99 0.04 0.02 1.03 6.28
includes 181 186.1 5.1 1.06 0.04 0.02 1.1 5.61
  196 201.9 5.9 0.55 0.03 0.01 0.57 3.36
includes 197 198 1 1.14 0.09 0.02 1.19 1.19
  205.3 221 15.7 0.8 0.02 0.02 0.83 13.03
includes 207.3 212 4.7 1.11 0.03 0.02 1.15 5.4
and includes 219 220 1 1.03 0.03 0.02 1.07 1.07
  225 226 1 0.38 0.01 0.02 0.4 0.4
  242.9 243.4 0.5 0.42 0.16 0.04 0.52 0.26
Composite Summary   40.45 0.68 0.03 0.02 0.71 28.66
                 
MNB040A 176 179 3 0.33 0.01 0.01 0.35 1.05
  185 198.1 13.1 0.52 0.03 0.02 0.55 7.21
  202.55 223 20.45 1.57 0.06 0.02 1.62 33.13
includes 202.55 222 19.45 1.63 0.06 0.02 1.69 32.87
  267.5 268.5 1 0.44 0 0.03 0.49 0.49
  275.5 276.5 1 0.35 0 0.02 0.37 0.37
  286 296 10 0.35 0 0.01 0.37 3.7
  320.2 322.35 2.15 0.4 0 0.01 0.41 0.88
  335 336 1 1.09 0.05 0.02 1.13 1.13
  339 341 2 0.43 0.02 0.01 0.44 0.88
  360.5 361 0.5 0.35 0.15 0.02 0.43 0.22
Composite Summary   54.2 0.87 0.03 0.02 0.9 49.05
NOTES:
1. Ni% cutoff grade is 0.30%
2. Ni% cutoff grade for "includes/and includes" is 1.00% Ni
3. Reported widths do not contain greater than 2 m of consecutive core with less than cutoff grades
4. Ni eq.% is calculated as the sum of Ni% + Co% * (51,960/33,960) + Cu% (9,470/33,960)
5. Price of Ni = $33,960/metric ton, price of Co = $51,960/metric ton, price of Cu = $9,470/metric ton
6. Metal prices were derived from Shanghai Metal Market website (www.metal.com) on January 3, 2023

Table 4 – Drill hole collar details

DDH

Target Area

Section

East

North

Elevation

Azimuth

Dip

EOH

MNB036

Manibridge Mine

4 North

510,738

6,062,122

236

300

-82

401.75

MNB037

Manibridge Mine

4 North

510,738

6,062,122

236

300

-73

356

MNB038

Manibridge Mine

 4 North 

510,738

6,062,122

236

300

-60

296

MNB039

Manibridge Mine

4 North 

510,738

6,062,122

236

300

-47

264.15

MNB040A

Manibridge Mine

 3 North 

510,713

6,062,093

236

300

-80

283

5 DDH

 

 

 

1,700.9

NOTES: East and North units are metres using NAD83 datum, UTM Zone 14N
Elevation is recorded as "metres above sea level"
EOH = End of hole, measured in metres

About Metal Energy Corp.

Metal Energy is a nickel and battery metal exploration company with two projects, Manibridge and Strange, in the politically stable jurisdictions of Manitoba and Ontario, Canada, respectively. The Manibridge project is 85% owned by Metal Energy and 15% owned by Mistango River Resources Inc. (CSE: MIS). The Strange project is subject to earn-in agreements where the Company can acquire 100% exploration rights to approximately 12,000 hectares.  

QP Statement

The technical information contained in this news release has been reviewed and approved by Mike Sweeny, P.Geo., Vice-President, Exploration & Development for Metal Energy, and a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." 

For further information, please contact:

Metal Energy Corp.

MERG on the TSXV

James Sykes, CEO

jsykes@oregroup.ca

306-221-8717

www.metalenergy.ca

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